Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights a bullish outlook on precious metals, particularly gold, which is expected to continue its upward trend after a brief adjustment. The main driver is the substitution of gold for U.S. Treasuries, with COMEX gold prices rising by 3.55% and silver by 0.84% [5] - Copper prices have shown a slight increase of 0.36% this week, with expectations of a range-bound trading pattern due to balanced supply and demand dynamics. The price is approaching a resistance level of $9,300 [6] - Aluminum prices increased by 0.27%, supported by stable domestic supply and potential demand recovery from inventory adjustments [6] - The rare earth market is experiencing weakness, with prices declining, particularly for praseodymium and neodymium, while supply tightens due to export restrictions [7] - Tin prices are under pressure despite improved demand from the soldering industry, as supply from the Bisie mine in the Democratic Republic of Congo resumes [7] - Investment suggestions include companies such as Zhongjin Gold, Zijin Mining, and others [8] Summary by Sections Industry Overview - The closing index for the industry is at 4572.2, with a weekly high of 5020.22 and a low of 3700.9 [2] Price Movements - Basic metals: LME copper up 0.36%, aluminum up 0.27%, zinc down 1.59%, lead up 0.86%, tin down 0.08% - Precious metals: COMEX gold up 3.55%, silver up 0.84%, NYMEX platinum up 2.09%, palladium up 0.79% [20] Inventory Changes - Global visible inventory changes: copper down 3,806 tons, aluminum up 4,606 tons, zinc up 2,124 tons, lead down 12,291 tons, tin up 344 tons, nickel down 1,063 tons [33]
有色金属行业报告：看好黄金调整后再上行，铜价到达压力位
China Post Securities·2025-04-21 02:23